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...economist at the University of Massachusetts who served on the panel, says a focus on growth can be helpful. It's just that we need to think of the concept differently. "Growth doesn't have to mean more stuff," she says. "Isn't that the point of the report, in a way? That growth doesn't have to mean growth...
...Sept. 14, a panel chaired by Nobel Prize-winning economists Joseph Stiglitz and Amartya Sen released a report on behalf of the French government calling for governments to form new measurements of economic vitality that account for factors other than growth. Announcing the panel's findings, French President Nicolas Sarkozy said the current economic crisis provided an opportunity to revise old wisdoms. "A great revolution is waiting for us," he said. "France will fight for all international organizations to modify their statistical methods. The crisis doesn't only make us free to imagine other models. It obliges...
...Included in the panel were Princeton University's Daniel Kahneman, one of the first psychologists to apply happiness studies to economics; the British economist Nicolas Stern, whose influential "Stern Report" advocated green technologies to stimulate economic growth; and Robert Putnam, the Harvard sociologist and best-selling author of Bowling Alone, which traces the decline of the U.S.'s "social capital" through the decline of 10-pin bowling leagues...
...ignore growth altogether? The panel did not come up with a single statistic to replace GDP, in the way that Bhutan - a state of 600,000 people in southeast Asia - has for years used Gross National Happiness as a GDP substitute. Instead, it suggests that countries publish an annual report, much like a corporation does, that includes a range of measurements of well-being...
...Instead, that task has fallen to small, independent think tanks and policy institutes. Their efforts to counter the claims of opponents of the bill have produced eye-opening reports. The most important of these, issued last week by the Institute for Policy Integrity, conducts a cost-benefit analysis of the Waxman-Markey program and finds, counter to objections, that the bill would have a net benefit of as much as $5.2 trillion. The report included a median projection for net benefits of $1.2 trillion and found that even more stringency could actually be more beneficial. Their estimations also ignore...